August 20, 2020
Hanover Insurance offering $300M in senior notes to pay down long-term debt
Photo | Grant Welker
Hanover Insurance Group's Worcester headquarters
The Hanover Insurance Group in Worcester on Wednesday announced it will offer $300 million in senior notes to investors, in order to use the proceeds to pay down its long-term debt.
Hanover plans to use the net proceeds from the $300-million issuance to redeem its outstanding 6.35% subordinated debentures due 2053 for general corporate purposes.
The debt offering is expected to close Monday.
On the New York Stock Exchange, Hanover's stock was trading down slightly on Thursday morning at $102.09 per share, down 0.7% from market open.
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